PCI compliance compulsory for South African merchants

The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Association of South Africa (PASA) has announced that online and offline merchants will have to comply with PCI regulations by the end of 2013.

According to the African Business Review, South African merchants will soon be aligned with European standards, from a payment security point of view, given that by the end of the year PCI Data Security Standard (DSS) Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term is expected of anyone involved in the storage or transmission of credit-card details.

Despite the complexity involved in compliance like IT adaptations, security applications, internal audits and more, it is believed that on top of the safety benefits, this move towards compliance could have certain advantages for commerce, according to Vaughan Alexander, Executive for Payments, at Innervation Value Added Services): “As compliance standards are enforced, so consumer confidence in electronic payment methods will increase. This will result in more cash being taken out of the system, reducing cash related costs, which amounts to around one to two percent of GDP.”

In addition, the e-commerce industry may also experience a change, and hopefully a boost, when anti-fraud technology is upgraded on online payment networks.